And someone didn't want to accept my statement that bitcoin is a currency and not money so I had to explain in greater detail why: Bitcoin is a currency not money. If you don't agree, YOU don't understand finance. It's a Rube Goldberg machine and nothing more. No random bullshit made up of completely arbitary variables created by humans is money. Money represents goods and services or the ability to do work. It's required to be connected to some type of commodity or energy resource if you're abstracting the system away from barter, otherwise the system is easily gamed and implodes as always.
Bitcoin is not a real commodity, it's a poor immitation like some type of tranny. The sunk cost in so called "creating" a bitcoin in the past does not transfer into delivering anything tangible into the future. It's more like a steady state system that can catastrophically fail and vaporize all imaginary "wealth" attached to it at any time - the glaring trait of all currencies past and future. One of the main reasons the noble metals are valued as money (gold and silver) are the anti-corrosive properties to defeat time itself, which guarantees you the ability to transfer that unit of account from the past to future, UNLIKE bitcoin.
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And why bitcoin can't compete with gold and silver in that new system in the long run: Bitcoin is a currency not money. If you don't agree, YOU don't understand finance. It's a Rube Goldberg machine and nothing more. No random bullshit made up of completely arbitary variables created by humans is money. Money represents goods and services or the ability to do work. It's required to be connected to some type of commodity or energy resource if you're abstracting the system away from barter, otherwise the system is easily gamed and implodes as always.
Bitcoin is not a real commodity, it's a poor immitation like some type of tranny. The sunk cost in so called "creating" a bitcoin in the past does not transfer into delivering anything tangible into the future. It's more like a steady state system that can catastrophically fail and vaporize all imaginary "wealth" attached to it at any time - the glaring trait of all currencies past and future. One of the main reasons the noble metals are valued (gold and silver) are the anti-corrosive properties to defeat time itself, which guarantees you the ability to transfer that unit of account from the past to future, UNLIKE bitcoin.
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My response to Anonymints claim where he says bitcoin is money and I say it's only a currency: Bitcoin is a currency not money. If you don't agree, YOU don't understand finance. It's a Rube Goldberg machine and nothing more. No random bullshit made up of completely arbitary variables created by humans is money. Money represents goods and services or the ability to do work. It's required to be connected to some type of commodity or energy resource if you're abstracting the system away from barter, otherwise the system is easily gamed and implodes as always.
Bitcoin is not a real commodity, it's a poor immitation like some type of tranny. The sunk cost in so called "creating" a bitcoin in the past does not transfer into delivering anything tangible into the future. It's more like a steady state system that can catastrophically fail and vaporize all imaginary "wealth" attached to it at any time - the glaring trait of all currencies past and future. One of the main reasons the noble metals are valued (gold and silver) are the anti-corrosive properties to defeat time itself, which guarantees you the ability to transfer that unit of account from the past to future, UNLIKE bitcoin.
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Bitcoin is a currency not money.
Incorrect. You don't understand finance. The tail doesn't wag the dog. Read this. Bitcoin is a currency not money. If you don't agree, YOU don't understand finance. It's a Rube Goldberg machine and nothing more. No random bullshit made up of completely arbitary variables created by humans is money. Money represents goods and services or the ability to do work. It's required to be connected to some type of commodity or energy resource if you're abstracting the system away from barter, otherwise the system is easily gamed and implodes as always. Bitcoin is not a real commodity, it's a poor immitation like some type of tranny. The sunk cost in so called "creating" a bitcoin in the past does not transfer into delivering anything tangible into the future. It's more like a steady state system that can catastrophically fail and vaporize all imaginary "wealth" attached to it at any time - the glaring trait of all currencies past and future. One of the main reasons the noble metals are valued (gold and silver) are the anti-corrosive properties to defeat time itself, which guarantees you the ability to transfer that unit of account from the past to future, UNLIKE bitcoin. Such a thing like bitcoin is obviously not money and it's clear you're shilling for your own self interests now when you talk about LITECOIN of all fucking things, which you've never talked about before at all. You bought Litecoin yesterday and suddenly it's the new best thing on earth. Come the fuck on. You might be able to fool Orobtc and Sidhujag, but you're not fooling r0ach with this nonsense. |
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Jim Rickards says "climate change" is just a made up trojan horse for the jews to try and impose global govt (aka global usury slave system): https://youtu.be/1nxdsabMYI0?t=1262 |
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I already bought some litecorn once I saw the bullflag. Looking at charts for it isn't necessary. I don't like Ton Vay's logic at all, though. There is no guaranteed skyrocketing curve of BTC. The thing could stall out at any second from lack of scalability. Bitcoin is a currency not money. It's value will be determined by raw transaction throughput keeping it afloat, not people hoarding it pretending it's gold or silver, because it's not. The public hoarding bitcoin with no scalability attached to it is nothing more than a rat trap. Eventually amounts like 0.01 would become uneconomical to even spend. Also, did you read my FSK link? Outside of DARPA/NSA or some esoteric cryptographer like Wei Dai, I've never seen anyone fit the profile for Satoshi as much as that guy: http://fskrealityguide.blogspot.com/2007/09/agorist-philosophy-overview.htmlNah he doesnt type the same.. your off by a mile check the comments section. To me nash fits the bill perfectly.. been saying it for a few years seems people catching on Seems a little too old. |
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I see lots of good opinions on this thread confirming what I've known for a few years now. Gold, Silver and Bitcoin.
I think the odds are kind of high that bitcoin will have no use or value at all during the coming financial implosion.  |
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I already bought some litecorn once I saw the bullflag. Looking at charts for it isn't necessary. I don't like Ton Vay's logic at all, though. There is no guaranteed skyrocketing curve of BTC. The thing could stall out at any second from lack of scalability. Bitcoin is a currency not money. It's value will be determined by raw transaction throughput keeping it afloat, not people hoarding it pretending it's gold or silver, because it's not. The public hoarding bitcoin with no scalability attached to it is nothing more than a rat trap. Eventually amounts like 0.01 would become uneconomical to even spend. Also, did you read my FSK link? Outside of DARPA/NSA or some esoteric cryptographer like Wei Dai, I've never seen anyone fit the profile for Satoshi as much as that guy: http://fskrealityguide.blogspot.com/2007/09/agorist-philosophy-overview.html |
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Jim Rogers decides to increase the doom. The level of doom is probably not very conducive to the survival of bitcoin, though: |
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Talked to Steve of SRSRocco:  |
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@r0ach you are leaving money on the table when you stopped investing in altcoins. Cripes ETH just did a 4 bagger in a month.
Silver is no panacea as @OROBTC says.
While the antediluvian relic Anonymint was getting a boner thinking about running coolpages in Ethereum VM, Putin has spotted silver breaking above the 200 day MA.  |
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Altcoins are going to get rekt.
Putin has spotted silver breaking above the 200 day MA. |
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@OROBTC, you wanted to understand money and the knowledge age. Here is all the edification @r0ach will ever need. Make sure you click the link in the linked post, which will take you to my main elucidation. The knowledge silver age |
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no one's actually running BU.
Another inane ignorant falsehood. I'm running BU. Have been for more than a year.   |
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the money with higher utility always wins..
You keep falling back on this meaningless and ill-defined phrase "higher utility". Since bitcoin doesn't even have enough TPS to service a semi-abandoned town on-chain, there is no utility to speak of. Even if you claim by some miracle scaling will be fixed, you also completely ignore that bitcoin does not function in a decentralized manner, has no Nash equilibrium, nor does it remove counter party risk, nor is it fungible, nor is it a store of value, etc. You claim bitcoin derives utility as money when it has no attributes of money! It's like claiming a dead salmon provides higher utility than a hammer as a tool to hit a nail. It was never a tool in the first place! It's just some Rube Goldberg machine some entity created. The creation of bitcoin was not some type of divine event where we need to change the calenders from AD to AB (after bitcoin). People like Antonopolous try to convince people that, but it's just cult recruiting type behavior or a pump and dump scheme. It's a fact, bitcoin never improved upon anything gold and silver already do. It didn't solve any important computer science problems like Byzantine generals either. It's literally just security through obscurity aka a Rube Goldberg machine. It does everything worse than metals besides the speed in which you can send it, but digital fiat already did the same thing, and bitcoin is equal to digital fiat in that regard since it's not decentralized. To top it all off, the last straw bitcoin people grasp is that you can "counterfeit" metals so bitcoin has to be better! Even this is a complete lie. It's the year 2017, there's all kinds of machinery available now to easily test if metals are real or not. However, due to the rough consensus attack, bitcoin can be counterfeited to infinity with no valid test to see which is "real" because there never was a real one in the first place. Don't even get me started on bitcoin governance. Bitcoin governance was initially devised as some type of crude form of mob rule (which didn't even pass any type of common sense test then), and has now devolved into cartel oligarchy. |
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